Facebook Plunges, Other Tech Stocks Decline

Traders Michael Milano, left, and Ryan Falvey work on the floor of the New York Stock Exchange, Friday, March 16, 2018. (AP Photo/Richard Drew)

(Newser)
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Technology stocks led a broad decline on Wall Street, led by a plunge in Facebook following reports that a company employed by the Trump campaign improperly obtained data on tens of millions of users, the AP reports. Facebook sank 7% in heavy trading Monday, its biggest daily drop in four years. Other technology stocks, which have far outpaced the rest of the market, also fell. Google's parent company, Alphabet, lost 3%. Safe-play stocks like utilities and phone companies fared better. The S&P 500 index fell 39 points, or 1.4%, to 2,712. The Dow Jones industrial average lost 335 points, or 1.3%, to 24,610. The Nasdaq composite fell 137 points, or 1.8%, to 7,344. (Read more stock market stories.)

''And through it all, Wylie and I, plus a handful of editors and a small, international group of academics and researchers, have known that – at least in 2014 – that certainly wasn’t the case, because Wylie has the paper trail. In our first phone call, he told me he had the receipts, invoices, emails, legal letters – records that showed how, between June and August 2014, the profiles of more than 50 million Facebook users had been harvested. Most damning of all, he had a letter from Facebook’s own lawyers admitting that Cambridge Analytica had acquired the data illegitimately.'' https://www.theguardian.com/news/2018/mar/17/data-war-whistleblower-christopher-wylie-faceook-nix-bannon-trump

Rhona_Redtail

Mar 19, 2018 5:27 PM CDT

Maybe Facebook will drop to a dollar and xuckerburg will have to sell his island estate